Bank of Ghana reports GH¢9.49 billion loss for 2024 amid operational challenges – Nsemkeka
The Bank of Ghana (BoG) has released its 2024 financial statements, revealing an operating loss of GH¢9.49 billion. This marks an improvement from the previous year’s loss of GH¢10.5 billion.
The loss stemmed from total operating income of GH¢9.40 billion falling short of operating expenses amounting to GH¢18.89 billion. Key contributors to the deficit included:
- Open Market Operations Costs: GH¢8.60 billion
- Revaluation and Exchange Losses: GH¢3.49 billion, with GH¢1.82 billion attributed to the government’s Gold-for-Oil Programme
- Currency Issue Expenses: GH¢1.01 billion, up from GH¢0.69 billion in 2023
Additionally, the BoG adjusted its accounting treatment for foreign exchange gains and losses related to the revaluation of assets and liabilities in gold, special drawing rights and foreign securities.
Despite the loss, the BoG’s equity position improved by GH¢4.02 billion, closing the year at a negative GH¢61.32 billion. This enhancement indicates progress in the bank’s financial resilience and governance.
In a related development, the BoG has initiated measures to tighten and block leakages in remittance inflows, aiming to stabilize the cedi and curb foreign currency hoarding. These efforts are part of the central bank’s broader strategy to maintain price and financial stability, fostering an environment conducive to business and individual prosperity.
The BoG remains steadfast in its mission to uphold sound financial governance and support Ghana’s economic growth.